<ul><li>The proposed initial public offering (IPO) of&nbsp;&nbsp;<a target="_blank" href="https://www.planify.in/research-report/ather-energy-share-price/">Ather Energy</a> comprises a fresh issue of equity shares aggregating to ₹2,626 crore, in addition to an offer for sale (OFS) of 1.1 crore equity shares by existing promoters and shareholders. Participants in the OFS include current investors such as the National Investment and Infrastructure Fund II, Internet Fund III Pte. Ltd, IITM Incubation Cell, IITMS Rural Technology and Business Incubator, as well as promoters Mr. Tarun Sanjay Mehta and Mr. Swapnil Babanlal Jain, who will be divesting part of their holdings. </li><li>Proceeds from the IPO will be allocated as follows:₹927.2 crore towards the establishment of a manufacturing facility for electric two-wheelers in Maharashtra, ₹40 crore for debt repayment, ₹750 crore for investment in research and development initiatives, and ₹300 crore for marketing and promotional activities. These allocations are scheduled to be utilised over the fiscal years 2026 through 2028. </li><li>Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are acting as the book running lead managers for the offering. Link Intime India Private Limited has been appointed as the registrar to the issue.</li></ul> <table><tbody><tr><td><div>IPO Date</div></td><td><div>​April 28, 2025 to April 30, 2025 </div></td></tr><tr><td><div>Issue Price Band </div></td><td><div>₹304 to ₹321 per share </div></td></tr><tr><td><div>Lot Size </div></td><td><div>46 Shares </div></td></tr><tr><td><div>Total Issue Size </div></td><td><div>9,28,58,599 shares </div></td></tr><tr><td><div>Fresh Issue </div></td><td><div>8,18,06,853 shares </div></td></tr><tr><td><div>Offer for Sale </div></td><td class="se-table-selected-cell"><div>1,10,51,746 shares </div></td></tr></tbody></table>

Ather Energy Goes Public – Tap Here for IPO Insights

Ather Energy IPO: ₹2,626 Cr Fresh Issue, OFS by Promoters

The C2C Advanced Systems scam not only exposed the cracks in corporate governance but also became a wake-up call for investors

A Deep Dive into the SME IPO Scam

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<ul><li>Financial Performance (Q4FY25 vs Q4FY24): In the fourth quarter of FY25, HDFC Securities reported a drop in total income, which fell by 13.9% to ₹742 Cr from ₹862 Cr in the same quarter last year. This was mainly due to lower earnings from fees and commissions. The company's Profit Before Tax (PBT) was ₹332 Cr, down 21.7% from ₹423 Cr in Q4 FY24. Profit After Tax (PAT) also declined by 21.0%, reaching ₹251 Cr compared to ₹318 Cr a year ago. Earnings per share (EPS) dropped by 29.2% to ₹141.3 from ₹199.6, mainly because of the profit dip and increase in number of shares due to employee stock options.</li><li>Financial Performance (FY25 vs FY24): Despite a weaker Q4, the company did well overall in FY25. Total income for the year grew by 22.7%, reaching ₹3,265 Cr, up from ₹2,661 Cr in FY24. This was supported by higher interest income and better gains from financial assets. Profit Before Tax (PBT) for the year was ₹1,496 Cr, a 17.7% increase from ₹1,271 Cr last year. Net profit (PAT) also grew by 18.3%, reaching ₹1,125 Cr from ₹951 Cr. EPS for the full year rose by 6.8%, from ₹597.4 to ₹637.8, showing stable earnings despite more shares being issued.</li><li>Operational Metrics (FY25 vs FY24): The company’s profit margins declined in Q4. Net profit margin dropped sharply to 8% in Q4 FY25 from 37% in Q4 FY24, mainly due to lower revenue and relatively higher costs. Operating margin also fell slightly to 46% from 49%, indicating some pressure on operating efficiency. For the full year FY25, margins were more stable. The net profit margin was 34%, compared to 36% in FY24, showing only a slight dip despite higher employee and finance costs. Operating margin remained steady at 46%, reflecting strong cost control and consistent operating performance throughout the year. Additionally, the company significantly improved its balance sheet strength by reducing its debt-to-equity ratio from 4.70x to 2.37x. This means the business is now relying more on its own funds and much less on borrowed money, which is a positive sign of financial discipline and lower risk.</li><li>Strategic Developments: In FY25, HDFC Securities took some important steps to grow its business. The company launched its wholly-owned subsidiary HDFC Securities IFSC Ltd in GIFT City, enhancing its global capabilities. It also granted 3.34 lakh ESOPs and allotted 1.19 lakh equity shares under stock options, supporting employee retention and motivation. The company paid four interim dividends totaling ₹89.8 Cr during the year, underlining its commitment to shareholder returns. Moreover, the securities premium rose significantly from ₹235.2 Cr to ₹1,319.2 Cr YoY, indicating strong capital inflows. The company also managed ₹38,422 Cr in commercial paper issuances and redeemed ₹40,250 Cr, showcasing active liquidity and treasury management. </li></ul>

Robust FY25 for HDFC Securities Despite Q4 Dip

HDFC Securities FY25 (Standalone Basis): Strong Revenue and Profit Growth

Did you hear the headlines about the SME stock that got listed&nbsp; just nine months ago and delivered stunning ~260% returns&nbsp; - a multi-bagger?&nbsp; The stock we’re talking about is Sathlokhar Synergy's E&amp;C Global Limited, listed on the NSE SME platform in August 2024. Since then, it has delivered a stunning ~260% return to its IPO investors from the listing price. The company's SME issue, opened on July 30, 2024 and closed on August 2, 2024, was priced at ₹140 per share and witnessed a phenomenal demand. The current market price of the stock is&nbsp; ₹505 per share. It’s just one example of how <a target="_blank" href="https://www.planify.in/sme-ipo/">SME IPO’s</a> no longer fly under the radar. The year 2024 was historic for the Indian IPO market, with 91 companies launching mainboard IPO’s and collectively raising Rs 1.6 lakh crore.&nbsp; But 2025 hasn’t carried the same momentum. The year 2025 started strong for SME IPO’s. In January and February alone, 20 SME companies launched their IPO’s. Investors were excited, and many of these IPO’s saw high demand. But by March, the pace slowed down. Only 6 SME IPOs&nbsp;came to the market that month, raising around ₹170 crore. Even with the slowdown, SME’s raised nearly ₹1,980 crore in the first three months of the year.&nbsp; Market volatility has led to a slowdown in IPO activity. According to Prime Database, 26 domestic companies that have received SEBI approval are yet to enter the primary market in the first six months of the current financial year. These companies aim to raise Rs 72,000 crore through IPOs.​So, we looked at the most valued SME IPO’s between January and March 2025, and broke them down into three categories: <ul><li style="font-size:17px;color:#000000;background-color:transparent">The ones that saw massive investor demand (highest subscription),</li><li style="font-size:17px;color:#000000;background-color:transparent">The ones that give investors strong returns (post-listing performance),</li><li style="font-size:15px;color:#000000;background-color:transparent">The ones that commanded premium valuations (high P/E multiples).</li></ul> Disclaimer: &nbsp; High subscription doesn’t always mean high returns. And a high P/E doesn’t guarantee strong fundamentals. But put together, they offer a powerful view of what investors are chasing — growth, momentum, or value.

But by March, the pace slowed down. Only 6 SME IPOs came to the market that month, raising around ₹170 crore.

Most Valued SMEs in India (January- March 2025)

With a record-breaking number of listings and substantial investor interest, the SME IPO boom not only highlighted the sector's potential but also underscored the evolving landscape of SME financing in the country.

SME IPO Boom: 2024’s High-Gain Listings and What Fueled Them

The Indian SME IPO market has been on an impressive growth trajectory, and as we step into 2025, the big question on investors’ minds is: Tech, Health, or Agri — which small and medium enterprises IPO sectors will lead the pack?

Tech, Health, Agri or consumer ? Which SME Sectors Will Lead the Pack in 2025

Financial Performance: As of FY24, Ikeda Limited showcased a sharp financial upturn, underpinned by robust topline growth and improving profitability. Revenue from operations surged nearly 2x from ₹25.11 Cr in FY23 to ₹50.39 Cr in FY24 (annualized trend), reflecting the company’s successful customer acquisition and growing traction in digital financial services. The company turned the corner on profitability, with PAT margins reaching 8% and Return on Capital Employed (ROCE) standing at 24%, indicating efficient asset utilization. The EBITDA margin also saw an expansion, suggesting better cost controls and operating leverage. Operational developments: Operationally, Ikeda transformed its business model into a scalable fintech platform delivering services like AePS, micro-ATMs, money transfers, and bill payments through its “FINKEDA” app. The backend is driven by Aadhaar-enabled biometric authentication and API integrations with banks and UPI systems. The retailer-led distribution network enables a wide rural and semi-urban reach. During FY24, the company fortified its leadership bandwidth, inducted a professional CFO, expanded the Board with independent directors, and initiated partnerships with regulated entities like Paytm Payments Bank to comply with RBI norms and enhance transaction capabilities. Furthermore, positive cash flows from operations in Q1 FY25 highlight improved working capital discipline and greater monetization of services. Future Outlook: Looking forward, Ikeda plans to leverage IPO proceeds to deepen tech infrastructure, enhance cybersecurity, and scale distribution in Tier 2–3 cities. With India’s fintech ecosystem expected to surpass $150 billion by FY25, Ikeda is strategically positioned to capitalize on the rising demand for real-time, low-cost financial services. However, competitive intensity, regulatory risks, and cybersecurity challenges warrant continuous investment in compliance, innovation, and data protection. Sustainable value creation will depend on Ikeda’s ability to drive user engagement, maintain retailer trust, and build differentiated service offerings amidst rapid digital transformation. The strategic blend of technology, distribution, and financial prudence will determine its trajectory in India’s evolving fintech landscape.

Ikeda FY24 Results Analysis

Gensol Engineering’s Debt Crisis: How It’s Impacting BluSmart and India’s EV Sector

The RBI's Monetary Policy Committee has recently reduced the repo rate by 25 basis points to 6%. This move aims to inject more liquidity into the system and boost economic activity, particularly when inflation is under control.&nbsp; The decision marks the second consecutive cut and is intended to support economic growth amid global trade uncertainties. The MPC meeting comes in the backdrop of Donald Trump announcing a 26% tariff on India, which could potentially slow GDP growth by 20-50 basis points.&nbsp; However,&nbsp; Donald Trump announced a 90-day pause on tariffs for all countries except China. After this event, the US stock indexes recorded their biggest one-day gains.&nbsp;&nbsp;

RBI MPC’s  April Meeting: Repo Rate cuts by 25 bps as Trump’s tariffs adds to uncertainties

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